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TMI ID= 332080
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2016 (9) TMI 341 - AUTHORITY FOR ADVANCE RULINGS NEW DELHI

In Re : Tech Mahindra Limited, Formerly Satyam Computer Services Ltd.

TDS u/s 195 - Whether the Settlement Amount payable pursuant to the Settlement Agreement to Aberdeen Asset Management PLC, United Kingdom (“Aderdeen”), will be regarded as sum chargeable to tax under the provisions of the Act, as referred to under Section 195 thereof? - Held that:- As relying on the ruling pronounced in In Re : Aberdeen Claims Administration Inc. and Aberdeen Asset Management Plc.[2016 (1) TMI 793 - THE AUTHORITY FOR ADVANCE RULINGS NEW DELHI] wherein concluded that the settlement amount received by Aberdeen investors is not taxable under the provisions of the Income-tax Act

No.- A.A.R. No 1426 of 2012

Dated.- February 15, 2016

Citations:

  1. In Re : Aberdeen Claims Administration Inc. and Aberdeen Asset Management Plc. - 2016 (1) TMI 793 - THE AUTHORITY FOR ADVANCE RULINGS NEW DELHI

Mr V.S. Sirpurkar and Mr. A.K. Tewary, JJ.

For The Applicant : Mr. Pravat Jina, CA, AR, Mr. Aditya Bejoria, CA, AR

For The Department : Mr. GC Srivastava, Advocate, Mr. P Satya Prasanth, DCIT, Hyderabad, Mr. Saurabh Srivastava, CA

ORDER OF THE COURT

The matter has come up today for final hearing.

2. The applicant has raised the following questions:-

Q.1 Whether, on the facts and circumstance of the case, the Settlement Amount payable pursuant to the Settlement Agreement to Aberdeen Asset Management PLC, United Kingdom (“Aderdeen”), will be regarded as sum chargeable to tax under the provisions of the Act, as referred to under Section 195 thereof?

Q.2 Where the answer to the Question No. 1 is in the affirmative and the applicant is required to deduct income tax under Section 195 of the Act, at what rate shall the income tax be deducted at source and at what stage (i.e. on remittance to Escrow Account or on remittance from Escrow Account to Aderdeen) is the applicant required to deduct income tax at source?

3. The same questions were involved in application No.1433 filed by the payee and in the common rulings pronounced on 19th January, 2016 in AAR No.1364, 1370 and 1433 of 2012, we have answered the questions in negative in favour of the applicant and against the Department of Revenue. The same ruling would apply in this case also and is ordered accordingly.

 
 
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